UNI Stuck in Consolidation as Whale Selling Pressure Mounts

Uniswap's UNI token continues to trade within a narrow range of $6.00 to $6.20, reflecting a period of consolidation with weak momentum across both spot and futures markets. Open interest has remained flat between 198.6 million and 198.7 million, indicating low trader conviction and a lack of aggressive position changes. Technical indicators, including the MACD sitting below the signal line at approximately -0.007, reinforce a neutral-to-weak bias, with the token hovering near the Bollinger Band basis at $6.804.

On-chain data reveals significant challenges for bullish momentum. Heavy selling pressure from dormant tokens and whales has emerged, with a spike in exchange netflow on November 10-11 confirming increased sell-side activity. Despite a recent rally from $4.73 to $10.3, UNI faces strong resistance at the $8 to $8.6 level, and the On-Balance Volume (OBV) is trending downward, highlighting supply pressure. Notably, Amber Group accumulated 1.41 million UNI tokens, with most moved to Coinbase Prime, signaling institutional interest but not enough to counter broader selling intent.

Market metrics show UNI with a market cap of $3.90 billion and daily trading volume of $444.9 million, positioning it as a top DeFi asset. However, the mean coin age decline and MVRV ratio indicating holder losses suggest caution. Traders are awaiting a stronger catalyst, such as macro developments or ecosystem updates, to break the current indecision.